Manufacturer hinted that full-year earnings should beat expectations
Companies: Dewhurst Group PLC
Transport manufacturing specialist Dewhurst saw its share price jump 6% this morning as the company gave a positive trading update saying the full-year performance was strong and that bumper revenues have had a “positive impact” on profits compared to expectations.
Dewhurst’s second half is traditionally stronger than the first, but the company says the seasonal effect has been greater than usual for FY16, with the recovery reported in August continuing through the fourth quarter.
The board confirmed that due to strong revenues (expected to exceed £47m), the company should see a positive impact on profits “compared to the current expectations”, suggesting management expect to beat expectations.
The post-EU referendum slide in the value of sterling has benefitted Dewhurst’s sales and profits, as a significant proportion of earnings are generated in foreign currencies.
The Company should announce preliminaries for FY16 by mid-December.
